I just built the omap3-console-image using the overo-2011.03 branch, and gcc-4.5. I find that it gets stuck at udev for more than 15 seconds, with the following message:

Please wait: booting...
Starting udev
WARNING: -e needs -E or -F

I checked the bootargs, and they are set to use ttyO2, and also in the inittab file, it is using O2
S:2345:respawn:/sbin/getty 115200 ttyO2

What could the problem be?

Texas Instruments X-Loader 1.5.1 (May  1 2012 - 14:08:46)
OMAP3530-GP ES2.1
Board revision: 0
Reading boot sector
Loading u-boot.bin from mmc

U-Boot 2011.09 (May 01 2012 - 04:26:45)

OMAP3530-GP ES2.1, CPU-OPP2, L3-165MHz, Max CPU Clock 600 mHz
Gumstix Overo board + LPDDR/NAND
I2C:   ready
DRAM:  256 MiB
NAND:  256 MiB
*** Warning - bad CRC, using default environment

In:    serial
Out:   serial
Err:   serial
Board revision: 0
Tranceiver detected on mmc2
No EEPROM on expansion board
Die ID #5d3400020000000004031c131901900b
Net:   smc911x-0
Hit any key to stop autoboot:  0 
Overo # 
Overo # printenv
bootcmd=if mmc rescan ${mmcdev}; then if run loadbootscript; then run bootscript; else if run loaduimage; then run mmcboot; else run nandboot; fi; fi; else run nandboot; fi
bootscript=echo Running bootscript from mmc ...; source ${loadaddr}
loadbootscript=fatload mmc ${mmcdev} ${loadaddr} boot.scr
loaduimage=fatload mmc ${mmcdev} ${loadaddr} uImage
mmcargs=setenv bootargs console=${console} ${optargs} mpurate=${mpurate} vram=${vram} omapfb.mode=dvi:${dvimode} omapdss.def_disp=${defaultdisplay} root=${mmcroot} rootfstype=${mmcrootfstype}
mmcboot=echo Booting from mmc ...; run mmcargs; bootm ${loadaddr}
mmcroot=/dev/mmcblk0p2 rw
mmcrootfstype=ext3 rootwait
nandargs=setenv bootargs console=${console} ${optargs} mpurate=${mpurate} vram=${vram} omapfb.mode=dvi:${dvimode} omapdss.def_disp=${defaultdisplay} root=${nandroot} rootfstype=${nandrootfstype}
nandboot=echo Booting from nand ...; run nandargs; nand read ${loadaddr} 280000 400000; bootm ${loadaddr}
nandroot=ubi0:rootfs ubi.mtd=4

Environment size: 1312/131068 bytes
Overo # setenv defaultdisplay lcd43
Overo # setenv dvimode 480x272MR-16@60
Overo # saveenv
Saving Environment to NAND...
Erasing Nand...
Erasing at 0x240000 -- 100% complete.
Writing to Nand... done
Overo # reboot
Unknown command 'reboot' - try 'help'
Overo # boot
reading boot.scr

** Unable to read "boot.scr" from mmc 0:1 **
reading uImage

3368464 bytes read
Booting from mmc ...
## Booting kernel from Legacy Image at 82000000 ...
   Image Name:   Angstrom/3.2/overo
   Image Type:   ARM Linux Kernel Image (uncompressed)
   Data Size:    3368400 Bytes = 3.2 MiB
   Load Address: 80008000
   Entry Point:  80008000
   Verifying Checksum ... OK
   Loading Kernel Image ... OK

Starting kernel ...

Uncompressing Linux... done, booting the kernel.
Initializing cgroup subsys cpuset
Initializing cgroup subsys cpu
Linux version 3.2.0 (elvis@hercules) (gcc version 4.5.3 20110311 (prerelease) (GCC) ) #1 PREEMPT Tue May 1 04:03:42 GST 2012
CPU: ARMv7 Processor [411fc082] revision 2 (ARMv7), cr=10c53c7d
CPU: PIPT / VIPT nonaliasing data cache, VIPT nonaliasing instruction cache
Machine: Gumstix Overo
Reserving 12582912 bytes SDRAM for VRAM
Memory policy: ECC disabled, Data cache writeback
OMAP3430/3530 ES2.1 (l2cache iva sgx neon isp )
Clocking rate (Crystal/Core/MPU): 26.0/332/500 MHz
Built 1 zonelists in Zone order, mobility grouping on.  Total pages: 61952
Kernel command line: console=ttyO2,115200n8 mpurate=500 vram=12M omapfb.mode=dvi:480x272MR-16@60 omapdss.def_disp=lcd43 root=/dev/mmcblk0p2 rw rootfstype=ext3 rootwait
PID hash table entries: 1024 (order: 0, 4096 bytes)
Dentry cache hash table entries: 32768 (order: 5, 131072 bytes)
Inode-cache hash table entries: 16384 (order: 4, 65536 bytes)
allocated 1048576 bytes of page_cgroup
please try 'cgroup_disable=memory' option if you don't want memory cgroups
Memory: 244MB = 244MB total
Memory: 239064k/239064k available, 23080k reserved, 0K highmem
Virtual kernel memory layout:
    vector  : 0xffff0000 - 0xffff1000   (   4 kB)
    fixmap  : 0xfff00000 - 0xfffe0000   ( 896 kB)
    vmalloc : 0xd0800000 - 0xf8000000   ( 632 MB)
    lowmem  : 0xc0000000 - 0xd0000000   ( 256 MB)
    pkmap   : 0xbfe00000 - 0xc0000000   (   2 MB)
    modules : 0xbf000000 - 0xbfe00000   (  14 MB)
      .text : 0xc0008000 - 0xc062ff40   (6304 kB)
      .init : 0xc0630000 - 0xc0666000   ( 216 kB)
      .data : 0xc0666000 - 0xc06c0000   ( 360 kB)
       .bss : 0xc06c0024 - 0xc074d1a4   ( 565 kB)
IRQ: Found an INTC at 0xfa200000 (revision 4.0) with 96 interrupts
Total of 96 interrupts on 1 active controller
OMAP clockevent source: GPTIMER1 at 32768 Hz
sched_clock: 32 bits at 32kHz, resolution 30517ns, wraps every 131071999ms
Console: colour dummy device 80x30
Calibrating delay loop... 497.82 BogoMIPS (lpj=1941504)
pid_max: default: 32768 minimum: 301
Mount-cache hash table entries: 512
Initializing cgroup subsys debug
Initializing cgroup subsys cpuacct
Initializing cgroup subsys memory
Initializing cgroup subsys devices
Initializing cgroup subsys freezer
Initializing cgroup subsys perf_event
CPU: Testing write buffer coherency: ok
devtmpfs: initialized
print_constraints: dummy: 
NET: Registered protocol family 16
GPMC revision 5.0
OMAP GPIO hardware version 2.5
omap_mux_init: Add partition: #1: core, flags: 0
Reprogramming SDRC clock to 332000000 Hz
dpll3_m2_clk rate change failed: -22
Found NAND on CS0
Registering NAND on CS0
hw-breakpoint: debug architecture 0x4 unsupported.
 omap-mcbsp.2: alias fck already exists
 omap-mcbsp.3: alias fck already exists
Calibrating delay loop (skipped) already calibrated this CPU
Switched to new clocking rate (Crystal/Core/MPU): 26.0/332/500 MHz
OMAP DMA hardware revision 4.0
bio: create slab <bio-0> at 0
print_constraints: vads7846: 3300 mV 
SCSI subsystem initialized
usbcore: registered new interface driver usbfs
usbcore: registered new interface driver hub
usbcore: registered new device driver usb
omap_i2c omap_i2c.1: bus 1 rev1.3.12 at 2600 kHz
twl4030: PIH (irq 7) chaining IRQs 368..375
twl4030: power (irq 373) chaining IRQs 376..383
twl4030: gpio (irq 368) chaining IRQs 384..401
print_constraints: VUSB1V5: 1500 mV normal standby
print_constraints: VUSB1V8: 1800 mV normal standby
print_constraints: VUSB3V1: 3100 mV normal standby
twl4030_usb twl4030_usb: Initialized TWL4030 USB module
print_constraints: VMMC1: 1850 <--> 3150 mV at 3150 mV normal standby
print_constraints: VDAC: 1800 mV normal standby
print_constraints: VDVI: 1800 mV normal standby
omap_i2c omap_i2c.3: bus 3 rev1.3.12 at 400 kHz
Advanced Linux Sound Architecture Driver Version 1.0.24.
Switching to clocksource 32k_counter
musb-hdrc: version 6.0, ?dma?, otg (peripheral+host)
musb-hdrc musb-hdrc: USB OTG mode controller at fa0ab000 using DMA, IRQ 92
NET: Registered protocol family 2
IP route cache hash table entries: 2048 (order: 1, 8192 bytes)
TCP established hash table entries: 8192 (order: 4, 65536 bytes)
TCP bind hash table entries: 8192 (order: 3, 32768 bytes)
TCP: Hash tables configured (established 8192 bind 8192)
TCP reno registered
UDP hash table entries: 256 (order: 0, 4096 bytes)
UDP-Lite hash table entries: 256 (order: 0, 4096 bytes)
NET: Registered protocol family 1
RPC: Registered named UNIX socket transport module.
RPC: Registered udp transport module.
RPC: Registered tcp transport module.
RPC: Registered tcp NFSv4.1 backchannel transport module.
audit: initializing netlink socket (disabled)
type=2000 audit(0.148:1): initialized
VFS: Disk quotas dquot_6.5.2
Dquot-cache hash table entries: 1024 (order 0, 4096 bytes)
Registering unionfs 2.5.10 (for 3.1.0-rc4)
JFFS2 version 2.2. (NAND) (SUMMARY)   2001-2006 Red Hat, Inc.
fuse init (API version 7.17)
msgmni has been set to 466
Block layer SCSI generic (bsg) driver version 0.4 loaded (major 253)
io scheduler noop registered
io scheduler deadline registered (default)
OMAP DSS rev 2.0
omap_uart.0: ttyO0 at MMIO 0x4806a000 (irq = 72) is a OMAP UART0
omap_uart.1: ttyO1 at MMIO 0x4806c000 (irq = 73) is a OMAP UART1
omap_uart.2: ttyO2 at MMIO 0x49020000 (irq = 74) is a OMAP UART2
console [ttyO2] enabled
brd: module loaded
loop: module loaded
twl4030_madc twl4030_madc: clk disabled, enabling
omap2-nand driver initializing
ONFI flash detected
NAND device: Manufacturer ID: 0x2c, Chip ID: 0xba (Micron NAND 256MiB 1,8V 16-bit)
Creating 5 MTD partitions on "omap2-nand.0":
0x000000000000-0x000000080000 : "xloader"
0x000000080000-0x000000240000 : "uboot"
0x000000240000-0x000000280000 : "uboot environment"
0x000000280000-0x000000680000 : "linux"
0x000000680000-0x000010000000 : "rootfs"
smsc911x: Driver version 2008-10-21
smsc911x-mdio: probed
smsc911x smsc911x.0: eth0: attached PHY driver [Generic PHY] (mii_bus:phy_addr=0:01, irq=-1)
smsc911x smsc911x.0: eth0: MAC Address: 00:15:c9:28:ca:1d
smsc911x: Driver version 2008-10-21
usbcore: registered new interface driver asix
usbcore: registered new interface driver cdc_ether
cdc_ncm: 04-Aug-2011
usbcore: registered new interface driver cdc_ncm
ehci_hcd: USB 2.0 'Enhanced' Host Controller (EHCI) Driver
ehci-omap ehci-omap.0: OMAP-EHCI Host Controller
ehci-omap ehci-omap.0: new USB bus registered, assigned bus number 1
ehci-omap ehci-omap.0: irq 77, io mem 0x48064800
ehci-omap ehci-omap.0: USB 2.0 started, EHCI 1.00
usb usb1: New USB device found, idVendor=1d6b, idProduct=0002
usb usb1: New USB device strings: Mfr=3, Product=2, SerialNumber=1
usb usb1: Product: OMAP-EHCI Host Controller
usb usb1: Manufacturer: Linux 3.2.0 ehci_hcd
usb usb1: SerialNumber: ehci-omap.0
hub 1-0:1.0: USB hub found
hub 1-0:1.0: 3 ports detected
Initializing USB Mass Storage driver...
usbcore: registered new interface driver usb-storage
USB Mass Storage support registered.
mousedev: PS/2 mouse device common for all mice
twl_rtc twl_rtc: rtc core: registered twl_rtc as rtc0
i2c /dev entries driver
cpuidle: using governor ladder
cpuidle: using governor menu
omap_hsmmc omap_hsmmc.0: multiblock reads disabled due to 35xx erratum; MMC read performance may suffer
omap_hsmmc omap_hsmmc.1: multiblock reads disabled due to 35xx erratum; MMC read performance may suffer
usbcore: registered new interface driver usbhid
usbhid: USB HID core driver
omap-iommu omap-iommu.0: isp registered
usbcore: registered new interface driver snd-usb-audio
overo SoC init
asoc: twl4030-hifi <-> omap-mcbsp-dai.1 mapping ok
ALSA device list:
  #0: overo
oprofile: hardware counters not available
oprofile: using timer interrupt.
TCP cubic registered
NET: Registered protocol family 17
NET: Registered protocol family 15
Registering the dns_resolver key type
VFP support v0.3: implementor 41 architecture 3 part 30 variant c rev 1
ThumbEE CPU extension supported.
PM: no software I/O chain control; some wakeups may be lost
sr_init: No PMIC hook to init smartreflex
smartreflex smartreflex.0: omap_sr_probe: SmartReflex driver initialized
smartreflex smartreflex.1: omap_sr_probe: SmartReflex driver initialized
clock: disabling unused clocks to save power
registered taskstats version 1
fbcvt: Aspect ratio not CVT standard
fbcvt: 480x272@60: CVT Name - Not a CVT standard - 0.130 Mega Pixel Image

Console: switching to colour frame buffer device 60x34
omapdss DPI: Could not find exact pixel clock. Requested 15000 kHz, got 15428 kHz
regulator_init_complete: VDAC: incomplete constraints, leaving on
regulator_init_complete: vads7846: incomplete constraints, leaving on
twl_rtc twl_rtc: setting system clock to 2000-01-01 00:02:54 UTC (946684974)
Waiting for root device /dev/mmcblk0p2...
mmc0: host does not support reading read-only switch. assuming write-enable.
mmc0: new high speed SDHC card at address e624
mmcblk0: mmc0:e624 SU08G 7.40 GiB 
 mmcblk0: p1 p2
mmc1: new SDIO card at address 0001
kjournald starting.  Commit interval 5 seconds
EXT3-fs (mmcblk0p2): using internal journal
EXT3-fs (mmcblk0p2): recovery complete
EXT3-fs (mmcblk0p2): mounted filesystem with writeback data mode
VFS: Mounted root (ext3 filesystem) on device 179:2.
devtmpfs: mounted
Freeing init memory: 216K
INIT: version 2.86 booting
Please wait: booting...
Starting udev
WARNING: -e needs -E or -F

Best regards,

Elvis Dowson